SHANMUGAM IAS ACADEMY

Saturday, February 08, 2014

Vancouver Gets World's First Bitcoin ATM

for any official currency has been launched in Canada by a group of
young entrepreneurs. The ATM machine, operated by Vancouver-based Bitcoiniacs
and Nevada-based Robocoin, converts bitcoins to Canadian dollars and
vice versa. It opened for business in a Vancouver coffee shop, on Tuesday.

The
automated teller machine has already attracted its first customers, along with
dozens of people who wanted to
see how it worked, shortly after it went live. The coffee house is one of at least 20
businesses here that currently accept bitcoins. The operators plan to open such
automated teller machine at four more locations across Canada. Customers will need to have their palms
scanned in order to exchange up to USD 3,000 worth of bitcoins per day. The
bitcoins will then be transferred to and from the customer's on-line bitcoin
wallet.

Users
will have the option to receive a paper voucher representing the transaction,
the report said. Bitcoin, which came
into existence in 2009, is not controlled by any authority such as a
central bank. The concept was introduced in 2008 by a pseudonymous
developer known only as "Satoshi Nakamoto."

The
currency has reportedly gained notoriety for its use to buy illicit goods such
as drugs on websites. However, bitcoins are increasingly being accepted by
legitimate businesses around the world.